7 tips to help a small company get out of a crisis

7 tips to help a small company get out of a crisis

| Business

We recently faced a completely new enemy that changed our lives — Coronavirus. It brought new challenges and difficulties for our business... and new opportunities!

Yes, it is not easy to see through all of these limitations and problems that there is a way to make your company better, outperform your competitors, and ultimately become a market leader. But there is such a chance! And we have prepared seven tips to help your company get out of a crisis and implement solutions that will make it even better, more efficient, and more profitable.

Tip 1. Think about yourself

We can only see the best business solutions if we don't lose our pep. If we lose our drive we will simply stop seeing suitable solutions and exit strategies from situations. That is why it is important to take good care of yourself during a crisis: get regular rest in order to maintain your productivity, prioritize your life, and don't forget to restore your internal energy sources. Do not overwork yourself. If you drown yourself in stress there will be no one left at the helm of the business to get it out of the storm.

Tip 2. Prepare your team for change

Anti-crisis measures can be met with misunderstanding and frustration on the part of the team. Even in quiet times, growth can be painful for a company, and in times of a crisis, distrust of change only intensifies. The manager should explain why the new approaches to work are needed and how they will help the company get out of the crisis in order to make employees less wary of them. How can you properly tell the employees about the upcoming changes and the reasons for them? It all depends on the style of management of the company: management can bring it up at a meeting, in a letter, or on the corporate website. It's up to you to decide.

Prepare your team for change

Tip 3. Work with a team

People are the most important resource of any company. It is important to support your team especially in times of a crisis. You should show them that you value their work and that you will definitely come out of this difficult situation as winners. You shouldn't give up on team building events. Some executives believe that team building in times of a crisis is an unaffordable luxury. Don't make this mistake! A team building event does not have to be expensive - you can limit yourself to budget options like a picnic in nature. But after such an event, specialists will become more friendly and loyal to the company. This will certainly affect their work in a positive way. Do not hesitate: any event will fully pay for itself!

Tip 4. Be an example for your team

Bad leaders in a crisis situation try to throw off responsibility and step aside. But great leaders, on the other hand, inspire and lead their team in a crisis. For example, the billionaire Elon Musk became famous for inspiring speeches about his innovative technologies. Shares of Musk's Tesla are now showing record gains thanks to his ability to inspire. Not just his employees, but also other people who follow his every word; more than 51 million people follow Musk's twitter account!

Tip 5. Develop an anti-crisis motivation system

Many people think that a team is only interested in cash rewards. This is not at all the case. Even in a crisis you can find ways to motivate employees non-financially. Interesting work and good relationships within a team are the reasons why valuable specialists agree to a lower salary. For many employees, the opportunity to work a convenient schedule or remotely would be a good incentive.

Neutralize team conflicts

Tip 6. Neutralize team conflicts

Any conflicts make teamwork stressful and reduce the productivity of the team. In times of a crisis, the negative impact of conflicts only intensifies. They can even flare up out of the blue! That is why conflicts on a team must be resolved by the leader by changing the approach to doing work. For example, by more clearly defining how you label employees and their areas of responsibility. An incorrectly defined area of responsibility is a common cause of conflicts. For example, when one employee solves a problem and another gets credit for the result.

Tip 7. Adapt employees to working remotely

Due to the quarantine measures, many companies were forced to switch to remote work. Many employees reacted positively to this, but this new format requires new solutions: changes in their approach to work and a revision of their areas of responsibility. You might want to organize a support service for those who work remotely, or conduct a series of consultations.

A crisis can become a growth point for any company if the manager maintains good spirits and is not afraid of trying new things. While your competitors can't cope with the challenges of our time, you can take advantage of this situation and break out as the market leader! Of course, the ability to manage a team is also a skill. The fastest way to master this is to take the Lectera course "Management During Crises. Effective Team Communication". In 8 lessons you will rethink your understanding of a crisis and learn how to turn obstacles to business into opportunities for growth.

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